Cricket legend Sunil Gavaskar's newly launched sports celebrity management venture, a subsidiary of his Professional Management Group, has signed up India opener Virender Sehwag in a five-year deal that is understood to be worth over Rs 100 crore in the first three years.

"I am very happy to be represented by PMG. I am confident they will handle my brand endorsements very well," said Sehwag at a news conference to announce the deal on Sunday.

Sehwag said he was currently endorsing seven or eight brands and was certain PMG would help him in his branding while he also would help the company as much as possible.

"I am very excited to have signed the deal with PMG. I am also elated that I would be working with my childhood hero Mr Sunil Gavaskar. And I'm sure we are going to have a great partnership working together," he said about the partnership.

Veteran adman and PMG Director Sam Balsara said that celebrity endorsements in India amounted to roughly Rs 4000 crore per annum out of which the major share was between Bollywood and cricket.

"The total ad market is roughly 20,000 to 21,000 crore and celebrity endorsements, that mainly comprises Bollywood and cricket, forms 20 per cent of it, either in 50:50 or 60:40 ratio," Balsara said.

"I am confident that there will be many brands who will want to associate with Viru," he added.